No really. A. You are questioning a system. If people are getting a PhD for a job then its the system and not the guy who is at fault. Here let us assume the guy who did his PhD was a decent intellect who worked it out. B. People are awarded on the basis of what they have accomplished NOT on the basis of their current contribution.
Also pray define what is a 'meaningful contribution'. The bulb Edison lit a century and half ago may not be the same one adoring your drawing room... we have moved on from basic incandecent lights- but for the effort he put in we would perhaps contribute to the petrolium crisis by still lighting lamps.
No one uses the technology of the Ford Model-T anymore, is Henry Fords contribution less significant?
Let us please give people their due recognition for effort.
